Before the open – 05/08
We're expecting European markets to open slightly higher. There's been muted activity in Asian markets after a weaker than expected US jobs report on Friday.
Indian services PMI fell to its lowest level since 2009 of 47.9, dropping below the crucial 50 level for the first time since that date, implying that the sector is now contracting.
Chines PMI was stronger, but steady at 51.3, implying that the rate of expansion in the services sector is unchanged.
#European opening calls: FTSE+ 7, DAX + 3, CAC + 6. US futures signalling a slight pullback, Asian markets broadly lower
— Carolin Roth (@CarolinCNBC) August 5, 2013
European opening neutral. May redress some of Friday's losses – FTSE +7, DAX +4. CAC +5 – Gold $1317.73 – Cable $1.5270, €/$1.3275, $/¥98.76
— David Buik (@truemagic68) August 5, 2013
Key events:
- Spanish July services PMI at 08.13. Last month saw a figure of 47.8.
- Italian July services PMI at 08.43. A rise from 45.8 to 47.0 is expected.
- French July services PMI at 08.48. A rise from 47.2 to 48.3 is expected.
- German July services PMI at 08.53. A rise from 50.4 to 52.5 is expected.
- Eurozone July composite PMI at 08.58. A rise from 48.7 to 50.5 is expected.
- Eurozone July services PMI at 08.58. A rise from 48.3 to 49.6 is expected.
- UK July services PMI at 09.28. A rise from 56.9 to 57.4 is expected.
- Eurozone July Sentix investor confidence at 09.30. A rise from -12.6 to -9.5 is expected.
- Eurozone June retail sales at 10.00. A fall from -0.1 per cent to -1.3 per cent in the year to date is expected.
- US July ISM non-manufacturing PMI at 15.00. A rise from 52.2 to 53.0 is expected.